NAC686A.540. Exemptions.

The provisions of NAC 686A.510 to 686A.577, inclusive, do not apply to any:

     1. Individual policy of credit life insurance.

     2. Except as provided in this subsection, policies of group life insurance, group credit life insurance or life insurance issued in connection with a pension, profit-sharing or other benefit plan that qualifies for tax deductibility of premiums. As to any replacement of a plan described in this subsection, each agent shall make a full disclosure of all material facts to the person in charge of any plan to be replaced.

     3. Policy of variable life insurance under which the death benefits and cash values vary in accordance with the unit values of investments held in a separate account.

     4. Application made to an insurer under an existing policy for a contractual change or the exercise of a privilege of conversion.

     5. Existing policy which is a nonconvertible, term policy, will expire in 5 years or less and cannot be renewed.

     6. Proposed life insurance which is to replace life insurance under a binding or conditional receipt issued by the same company.

     7. Policy solicited through direct response with a face value of $5,000 or less.

     [Comm’r of Insurance, LH-3 § 13, eff. 1-4-80]—(NAC A 10-26-84; 10-30-85)